Tough Time Ahead?

I just did a brief check on the announced job cuts in Wall Street firms this year and here is the result:

• Morgan Stanley: 600 in residential mortgage lending business
• JPMorgan Chase: "less than 10%" of a total of around 25,400 people in IB
• Credit Suisse: 170 in IB
• Lehman: 1200 in BNC Mortgage Unit
• UBS: 1500 in IB
• HSBC: 600 in Indiana
• Bear Stearns: 240 in August and 300 in Oct
• Merrill Lynch: rumor 15%, unconfirmed

Good luck